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A Hex Trust executive confirmed that Ripple backs the company’s goal to bring institutions into the $XRP DeFi ecosystem.
At Consensus 2026 in Hong Kong, Giorgia Pellizzari, Chief Product Officer and Head of Custody at Hex Trust, explained how the firm allows institutions to use native $XRP as collateral, hold it in regulated custody, and issue a one-to-one wrapped version called wXRP across multiple blockchains.
Key Points
- Georgia Pellizzari said Hex Trust acts as the Ripple-backed issuer of wXRP, enabling institutions to use $XRP in DeFi across HyperEVM, Ethereum, Optimism, and Solana.
- The company launched wXRP last December in Hong Kong with over $100 million in TVL to ensure strong liquidity from day one.
- Each wXRP is fully backed 1:1 by native $XRP held in segregated, regulated custody.
- wXRP uses LayerZero’s OFT standard to maintain a single canonical supply across chains while reducing traditional bridging risks and liquidity fragmentation.
- Through its expanded partnership with Flare, Hex Trust also allows institutions to mint FXRP at a 1:1 ratio and stake $FLR, bringing institutional capital into $XRP-based DeFi on Flare.
Hex Trust Executive Confirms Ripple Backing
During her speech at Consensus 2026, Giorgia Pellizzari recently shared how the company plans to give institutions regulated access to DeFi within the $XRP ecosystem.
She explained that Hex Trust accepts native $XRP as collateral, keeps it in regulated custody, and then issues a matching digital version of that $XRP on other blockchains. This setup allows institutions to use their $XRP beyond the $XRP Ledger.
🚨$XRP COLLATERAL🚀
The company @Ripple is HITTING FROM ALL SIDES of the #$XRP digital asset ecosystem💯 by backing the custodian @Hex_Trust, who *takes in* the genuine 👉native $XRP, then issues against it, a 1:1 representation (to create a wrapped version), to live on different… pic.twitter.com/gupK9fjr4n— 🌸Eri ~ Carpe Diem (@sentosumosaba) February 11, 2026
For instance, if an institution wants to tap into Solana’s active DeFi space, it needs a version of $XRP that exists on Solana and can interact with apps there. Hex Trust provides that version. This will make it possible for institutions to borrow against their $XRP, access dollar liquidity, or run trading strategies on different networks.
Pellizzari also said Hex Trust acts as the official Ripple-backed issuer of this wrapped $XRP product (wXRP). The token already runs on HyperEVM, Ethereum, Optimism, and Solana, with more expansion planned in the company’s 2026 roadmap.
Moreover, she added that wXRP works closely with RLUSD, Ripple’s U.S. dollar-backed stablecoin, positioning both assets as complementary tools for institutional DeFi activity.
How Does wXRP Work?
For context, Hex Trust officially announced wXRP on Dec. 12, 2025, in Hong Kong. The company launched the project with over $100 million in total value locked, giving it strong liquidity from day one.
Notably, the firm built wXRP using LayerZero’s Omnichain Fungible Token standard. This keeps one unified supply that can move across different blockchains without the typical risks tied to traditional bridges or split liquidity.
Each wXRP token is backed one-to-one with native $XRP held in segregated accounts at Hex Trust. The company only mints new tokens when it receives $XRP deposits and burns them when users redeem, keeping the supply balanced.
Hex Trust stores the underlying $XRP in regulated, institutional-grade custody that is bankruptcy-remote and includes KYC and AML checks, insurance coverage, auditability, and on-chain proof of reserves.
Only verified institutional participants, such as authorized merchants and market makers, can mint or redeem wXRP within a compliant and automated system. After issuance, other users can access and trade the token on-chain. wXRP now exists on several networks, including HyperEVM, Solana, and Ethereum.
Hex Trust and Flare Target Institutional Capital
At the same time, Hex Trust has expanded its partnership with Flare to widen institutional access to $XRP-based DeFi. Notably, Flare first introduced FXRP in September 2025, allowing retail users to mint $XRP representations for DeFi use on other chains. The updated partnership with Hex Trust now brings institutions into the scene.
Through Flare’s FAssets system, institutions can mint FXRP, which represents $XRP on the Flare blockchain at a one-to-one ratio. They can also stake $FLR, Flare’s native token, to earn rewards while helping support the network.
Hex Trust provides the regulated, institutional-grade custody that makes this possible. This removes the need for hot wallets and helps institutions meet strict compliance standards. Notably, with its partnership with Flare and the launch of wXRP, Hex Trust is looking to bring institutions to the $XRP DeFi ecosystem.
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